دورية أكاديمية

How does external debt and governance quality impact renewable energy consumption: novel policy insights from BRICS countries.

التفاصيل البيبلوغرافية
العنوان: How does external debt and governance quality impact renewable energy consumption: novel policy insights from BRICS countries.
المؤلفون: Sadiq M; Business School, Central South University, Changsha, Hunan, P.R. China., Talbi B; Polytechnic School of Tunisia, University of Carthage, Carthage, Tunisia., Ghosh S; Department of Economics, Scottish Church College, Kolkata, West Bengal, India., Bashir MF; College of Management, Shenzhen University, Shenzhen, 518060, Guangdong, P.R. China. farhan.paks89@gmail.com.; Western Caspian University, Baku, Azerbaijan. farhan.paks89@gmail.com.
المصدر: Environmental science and pollution research international [Environ Sci Pollut Res Int] 2024 Jun; Vol. 31 (30), pp. 43049-43065. Date of Electronic Publication: 2024 Jun 18.
نوع المنشور: Journal Article
اللغة: English
بيانات الدورية: Publisher: Springer Country of Publication: Germany NLM ID: 9441769 Publication Model: Print-Electronic Cited Medium: Internet ISSN: 1614-7499 (Electronic) Linking ISSN: 09441344 NLM ISO Abbreviation: Environ Sci Pollut Res Int Subsets: MEDLINE
أسماء مطبوعة: Publication: <2013->: Berlin : Springer
Original Publication: Landsberg, Germany : Ecomed
مواضيع طبية MeSH: Renewable Energy*, China ; Russia ; South Africa ; India ; Brazil ; Economic Development
مستخلص: Amidst global environmental reforms, the role of energy systems is under scrutiny to promote ecological welfare through low-carbon alternatives. Amongst the solutions, the role of renewable energy as a clean source has become popular to mitigate climate change. However, the impact of debt on renewable energy consumption remains limited in the economic literature. The debt initiatives provide funding for environmental initiatives primarily, while it is also credited as a barrier to limiting the growth of clean energy programs. Within such discussion, the current study extended the dialogue by examining how external debt impacts energy transition in Brazil, Russia, India, China, and South Africa (BRICS) economies in the presence of institutional quality, education expenditures, and banking development. Using the novel CS-ARDL, AMG, and CCEMG tests, the study results showed that external debt decreases renewable energy consumption, while institutional quality, educational expenditures, banking developments, and economic growth are essential elements of green energy developments. Based on these conclusions, this study provides novel policy guidelines to align BRICS energy and economic agendas.
(© 2024. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)
References: Abid M (2017) Does economic, financial and institutional developments matter for environmental quality? A comparative analysis of EU and MEA countries. J Environ Manage 188:183–194. https://doi.org/10.1016/j.jenvman.2016.12.007. (PMID: 10.1016/j.jenvman.2016.12.007)
Akam D, Nathaniel SP, Muili HA, Eze SN (2022) The relationship between external debt and ecological footprint in SANE countries: insights from Kónya panel causality approach. Environ Sci Pollut Res 29:19496–19507. https://doi.org/10.1007/s11356-021-17194-y. (PMID: 10.1007/s11356-021-17194-y)
Akam D, Owolabi O, Nathaniel SP (2021) Linking external debt and renewable energy to environmental sustainability in heavily indebted poor countries: new insights from advanced panel estimators. Environ Sci Pollut Res 28:65300–65312. https://doi.org/10.1007/s11356-021-15191-9. (PMID: 10.1007/s11356-021-15191-9)
Al-Marri W, Al-Habaibeh A, Watkins M (2018) An investigation into domestic energy consumption behaviour and public awareness of renewable energy in Qatar. Sustain Cities Soc 41:639–646. https://doi.org/10.1016/J.SCS.2018.06.024. (PMID: 10.1016/J.SCS.2018.06.024)
Anser MK, Shabbir MS, Tabash MI et al (2021) Do renewable energy sources improve clean environmental-economic growth? Empirical investigation from South Asian economies. Energy Explor Exploit 39:1491–1514. https://doi.org/10.1177/01445987211002278. (PMID: 10.1177/01445987211002278)
Anton SG, Afloarei Nucu AE (2020) The effect of financial development on renewable energy consumption. A panel data approach. Renew Energy 147:330–338. https://doi.org/10.1016/j.renene.2019.09.005. (PMID: 10.1016/j.renene.2019.09.005)
Apergis N, Payne JE (2011) Renewable and non-renewable electricity consumption–growth nexus: evidence from emerging market economies. Appl Energy 88:5226–5230. https://doi.org/10.1016/J.APENERGY.2011.06.041. (PMID: 10.1016/J.APENERGY.2011.06.041)
Appiah M, Karim S, Naeem MA, Lucey BM (2022) Do institutional affiliation affect the renewable energy-growth nexus in the Sub-Saharan Africa: evidence from a multi-quantitative approach. Renew Energy 191:785–795. https://doi.org/10.1016/j.renene.2022.04.045. (PMID: 10.1016/j.renene.2022.04.045)
Bashir MF, Benjiang MA, Shahbaz M, Jiao Z (2020) The nexus between environmental tax and carbon emissions with the roles of environmental technology and financial development. PLoS One 15:e0242412. https://doi.org/10.1371/journal.pone.0242412. (PMID: 10.1371/journal.pone.0242412)
Bashir MF, Benjiang MA, Hussain HI et al (2022a) Evaluating environmental commitments to COP21 and the role of economic complexity, renewable energy, financial development, urbanization, and energy innovation: empirical evidence from the RCEP countries. Renew Energy 184:541–550. https://doi.org/10.1016/j.renene.2021.11.102. (PMID: 10.1016/j.renene.2021.11.102)
Bashir MF, Ma B, Xia W et al (2022b) Do economic openness and institutional quality influence environmental patents? Empirical evidence from South Asia. Environ Eng Manag J 21:49–61. https://doi.org/10.30638/eemj.2022.005. (PMID: 10.30638/eemj.2022.005)
Bashir MF, Bashir MA, Raza SA et al (2023a) Linking gold prices, fossil fuel costs and energy consumption to assess progress towards sustainable development goals in newly industrialized countries. Geosci Front:101755. https://doi.org/10.1016/j.gsf.2023.101755.
Bashir MF, Ma B, Sharif A et al (2023b) Nuclear energy consumption, energy access and energy poverty: policy implications for the COP27 and environmental sustainability. Technol Soc 75:102385. https://doi.org/10.1016/j.techsoc.2023.102385. (PMID: 10.1016/j.techsoc.2023.102385)
Bashir MF, Shahbaz M, Malik MN et al (2023c) Energy transition, natural resource consumption and environmental degradation: the role of geopolitical risk in sustainable development. Resour Policy 85:103985. https://doi.org/10.1016/j.resourpol.2023.103985. (PMID: 10.1016/j.resourpol.2023.103985)
Bashir MF, Inglesi-Lotz R, Razi U, Shahzad L (2024a) Economic complexity, greenfield investments, and energy innovation: policy implications for sustainable development goals in newly industrialised economies. Environ Sci Pollut Res. https://doi.org/10.1007/s11356-024-33433-4.
Bashir MF, Shahbaz M, Ma B, Alam K (2024b) Evaluating the roles of energy innovation, fossil fuel costs and environmental compliance towards energy transition in advanced industrial economies. J Environ Manage 351:119709. https://doi.org/10.1016/j.jenvman.2023.119709.
Bekçi E, Koca K, Bashir MF (2024) Design analysis of a wave energy converter for hydrogen generation near shoreline of Black Sea. Process Saf Environ Protect 186:1–9. https://doi.org/10.1016/j.psep.2024.03.080. (PMID: 10.1016/j.psep.2024.03.080)
Ben Abdallah A, Becha H, Sharif A, Bashir MF (2024) Geopolitical risk, financial development, and renewable energy consumption: empirical evidence from selected industrial economies. Environ Sci Pollut Res. https://doi.org/10.1007/s11356-024-32565-x.
Beşe E, Friday HS (2022) The relationship between external debt and emissions and ecological footprint through economic growth: Turkey. Cogent Econ Financ 10. https://doi.org/10.1080/23322039.2022.2063525.
Bhattacharya M, Paramati SR, Ozturk I, Bhattacharya S (2016) The effect of renewable energy consumption on economic growth: evidence from top 38 countries. Appl Energy 162:733–741. https://doi.org/10.1016/j.apenergy.2015.10.104. (PMID: 10.1016/j.apenergy.2015.10.104)
Brunnschweiler CN (2010) Finance for renewable energy: an empirical analysis of developing and transition economies. Environ Dev Econ 15:241–274. https://doi.org/10.1017/S1355770X1000001X. (PMID: 10.1017/S1355770X1000001X)
Cadoret I, Padovano F (2016) The political drivers of renewable energies policies. Energy Econ 56:261–269. https://doi.org/10.1016/j.eneco.2016.03.003. (PMID: 10.1016/j.eneco.2016.03.003)
Chao T, Yunbao X, Chengbo D et al (2023) Financial integration and renewable energy consumption in China: do education and digital economy development matter? Environ Sci Pollut Res 30:12944–12952. https://doi.org/10.1007/s11356-022-22852-w. (PMID: 10.1007/s11356-022-22852-w)
Chen S, Li W (2019) Local government debt and regional economic growth in China. China Polit Econ 2:330–353. https://doi.org/10.1108/cpe-10-2019-0028. (PMID: 10.1108/cpe-10-2019-0028)
Chudik A, Pesaran MH (2015) Common correlated effects estimation of heterogeneous dynamic panel data models with weakly exogenous regressors. J Econom 188:393–420. https://doi.org/10.1016/j.jeconom.2015.03.007. (PMID: 10.1016/j.jeconom.2015.03.007)
Desha C, Robinson D, Sproul A (2015) Working in partnership to develop engineering capability in energy efficiency. J Clean Prod 106:283–291. https://doi.org/10.1016/J.JCLEPRO.2014.03.099. (PMID: 10.1016/J.JCLEPRO.2014.03.099)
Doytch N, Narayan S (2016) Does FDI influence renewable energy consumption? An analysis of sectoral FDI impact on renewable and non-renewable industrial energy consumption. Energy Econ 54:291–301. https://doi.org/10.1016/j.eneco.2015.12.010. (PMID: 10.1016/j.eneco.2015.12.010)
Eren BM, Taspinar N, Gokmenoglu KK (2019) The impact of financial development and economic growth on renewable energy consumption: empirical analysis of India. Sci Total Environ 663:189–197. https://doi.org/10.1016/j.scitotenv.2019.01.323. (PMID: 10.1016/j.scitotenv.2019.01.323)
Fang J, Gozgor G, Mahalik MK et al (2022) Does urbanisation induce renewable energy consumption in emerging economies? The role of education in energy switching policies. Energy Econ 111:106081. https://doi.org/10.1016/j.eneco.2022.106081. (PMID: 10.1016/j.eneco.2022.106081)
Gatzert N, Vogl N (2016) Evaluating investments in renewable energy under policy risks. Energy Policy 95:238–252. https://doi.org/10.1016/j.enpol.2016.04.027. (PMID: 10.1016/j.enpol.2016.04.027)
Hashemizadeh A, Bui Q, Kongbuamai N (2021a) Unpacking the role of public debt in renewable energy consumption: new insights from the emerging countries. Energy 224:120187. https://doi.org/10.1016/j.energy.2021.120187. (PMID: 10.1016/j.energy.2021.120187)
Hashemizadeh A, Ju Y, Bamakan SMH, Le HP (2021b) Renewable energy investment risk assessment in belt and road initiative countries under uncertainty conditions. Energy 214:118923. https://doi.org/10.1016/j.energy.2020.118923. (PMID: 10.1016/j.energy.2020.118923)
Huang SZ, Chien F, Sadiq M (2022a) A gateway towards a sustainable environment in emerging countries: the nexus between green energy and human Capital. Econ Res 35:4159–4176. https://doi.org/10.1080/1331677X.2021.2012218. (PMID: 10.1080/1331677X.2021.2012218)
Huang Y, Ahmad M, Ali S, Kirikkaleli D (2022b) Does eco-innovation promote cleaner energy? Analyzing the role of energy price and human capital. Energy 239:122268. https://doi.org/10.1016/j.energy.2021.122268. (PMID: 10.1016/j.energy.2021.122268)
Jabari MS, Aga M, Samour A (2022) Financial sector development, external debt, and Turkey’s renewable energy consumption. PLoS One 17:e0265684. https://doi.org/10.1371/journal.pone.0265684. (PMID: 10.1371/journal.pone.0265684)
Jamshid, Villanthenkodath MA, Velan N (2022) Can educational attainment promote renewable energy consumption? Evidence from heterogeneous panel models. Int J Energy Sect Manag 16:1017–1036. https://doi.org/10.1108/IJESM-06-2021-0015. (PMID: 10.1108/IJESM-06-2021-0015)
Jiang Y, Guo Y, Bashir MF, Shahbaz M (2024) Do renewable energy, environmental regulations and green innovation matter for China’s zero carbon transition: evidence from green total factor productivity. J Environ Manage 352:120030. https://doi.org/10.1016/j.jenvman.2024.120030.
Jianhua L (2022) Exploring the asymmetric impact of public debt on renewable energy consumption behavior. Front Psychol 13. https://doi.org/10.3389/fpsyg.2022.922833.
Junxia L (2019) Investments in the energy sector of Central Asia: corruption risk and policy implications. Energy Policy 133:110912. https://doi.org/10.1016/j.enpol.2019.110912. (PMID: 10.1016/j.enpol.2019.110912)
Kargbo AA, Ding Y, Kargbo M (2016) Financial development, human capital and economic growth: new evidence from Sierra Leone. J Financ Bank Manag:49–44, 67. https://doi.org/10.15640/jfbm.v4n1a4.
Katircioglu S, Celebi A (2018) Testing the role of external debt in environmental degradation: empirical evidence from Turkey. Environ Sci Pollut Res 25:8843–8852. https://doi.org/10.1007/s11356-018-1194-0. (PMID: 10.1007/s11356-018-1194-0)
Khan Z, Malik MY, Latif K, Jiao Z (2020) Heterogeneous effect of eco-innovation and human capital on renewable & non-renewable energy consumption: disaggregate analysis for G-7 countries. Energy 209:118405. https://doi.org/10.1016/j.energy.2020.118405. (PMID: 10.1016/j.energy.2020.118405)
Leitão J, Capucho J (2021) Institutional, economic, and socio-economic determinants of the entrepreneurial activity of nations. Adm Sci 11:26. https://doi.org/10.3390/admsci11010026. (PMID: 10.3390/admsci11010026)
Li S, Cifuentes-Faura J, Talbi B et al (2023) Dynamic correlated effects of electricity prices, biomass energy, and technological innovation in Tunisia’s energy transition. Util Policy 82:101521. https://doi.org/10.1016/j.jup.2023.101521. (PMID: 10.1016/j.jup.2023.101521)
Ma B, Bashir MF, Peng X et al (2023a) Analyzing research trends of universities’ carbon footprint: an integrated review. Gondwana Res 121:259–275. https://doi.org/10.1016/j.gr.2023.05.008. (PMID: 10.1016/j.gr.2023.05.008)
Ma B, Lin S, Bashir MF et al (2023b) Revisiting the role of firm-level carbon disclosure in sustainable development goals: research agenda and policy implications. Gondwana Res 117:230–242. https://doi.org/10.1016/j.gr.2023.02.002. (PMID: 10.1016/j.gr.2023.02.002)
Ma B, Destek MA, Shahzad L, Bashir MF (2024) Fintech, natural resource abundance, environmental regulations and energy consumption in BRICST and G7 economies: empirical evidence from novel climate change index. Resour Policy 91:104873. https://doi.org/10.1016/j.resourpol.2024.104873.
Makun K (2021) External debt and economic growth in Pacific Island countries: a linear and nonlinear analysis of Fiji Islands. J Econ Asym 23:e00197. https://doi.org/10.1016/j.jeca.2021.e00197. (PMID: 10.1016/j.jeca.2021.e00197)
Maurice J (2016) Measuring progress towards the SDGs—a new vital science. Lancet 388:1455–1458. (PMID: 10.1016/S0140-6736(16)31791-3)
Pablo-Romero M del P, Sánchez-Braza A (2015) Productive energy use and economic growth: energy, physical and human capital relationships. Energy Econ 49:420–429. https://doi.org/10.1016/j.eneco.2015.03.010. (PMID: 10.1016/j.eneco.2015.03.010)
Pesaran MH (2007) A simple panel unit root test in the presence of cross-section dependence. J Appl Econom 22:265–312. https://doi.org/10.1002/jae.951. (PMID: 10.1002/jae.951)
Pesaran MH, Yamagata T (2008) Testing slope homogeneity in large panels. J Econom 142:50–93. https://doi.org/10.1016/j.jeconom.2007.05.010. (PMID: 10.1016/j.jeconom.2007.05.010)
Prempeh KB (2023) The impact of financial development on renewable energy consumption: new insights from Ghana. Future Bus J 9:1–13. https://doi.org/10.1186/s43093-023-00183-7. (PMID: 10.1186/s43093-023-00183-7)
Raza SA, Shah N, Qureshi MA et al (2020) Non-linear threshold effect of financial development on renewable energy consumption: evidence from panel smooth transition regression approach. Environ Sci Pollut Res 27:32034–32047. https://doi.org/10.1007/s11356-020-09520-7. (PMID: 10.1007/s11356-020-09520-7)
Sadiq M, Hassan ST, Khan I, Rahman MM (2023) Policy uncertainty, renewable energy, corruption and CO2 emissions nexus in BRICS-1 countries: a panel CS-ARDL approach. Environ Dev Sustain:1–27. https://doi.org/10.1007/s10668-023-03546-w.
Sadiq M, Shinwari R, Usman M et al (2022) Linking nuclear energy, human development and carbon emission in BRICS region: do external debt and financial globalization protect the environment? Nucl Eng Technol 54:3299–3309. https://doi.org/10.1016/j.net.2022.03.024. (PMID: 10.1016/j.net.2022.03.024)
Samour A, Ali M, Abdullah H et al (2023) Testing the effects of banking development, economic growth and foreign direct investment on renewable energy in South Africa. OPEC Energy Rev 47:306–319. https://doi.org/10.1111/opec.12289. (PMID: 10.1111/opec.12289)
Samour A, Isiksal AZ, Resatoglu NG (2019) Testing the impact of banking sector development on Turkey’s CO2 emissions. Appl Ecol Environ Res 17:6497–6513. https://doi.org/10.15666/aeer/1703&#95;64976513. (PMID: 10.15666/aeer/1703_64976513)
Samour A, Shahzad U, Mentel G (2022) Moving toward sustainable development: assessing the impacts of taxation and banking development on renewable energy in the UAE. Renew Energy 200:706–713. https://doi.org/10.1016/j.renene.2022.10.020. (PMID: 10.1016/j.renene.2022.10.020)
Sequeira TN, Santos MS (2018) Renewable energy and politics: a systematic review and new evidence. J Clean Prod 192:553–568. https://doi.org/10.1016/j.jclepro.2018.04.190. (PMID: 10.1016/j.jclepro.2018.04.190)
Sharma R, Shahbaz M, Kautish P, Vo XV (2023) Diversified imports as catalysts for ecological footprint: examining the BRICS experience. Environ Dev Sustain 25:3153–3181. https://doi.org/10.1007/s10668-022-02177-x. (PMID: 10.1007/s10668-022-02177-x)
Sohail MT, Majeed MT, Shaikh PA, Andlib Z (2022) Environmental costs of political instability in Pakistan: policy options for clean energy consumption and environment. Environ Sci Pollut Res 29:25184–25193. https://doi.org/10.1007/s11356-021-17646-5. (PMID: 10.1007/s11356-021-17646-5)
Su CW, Umar M, Khan Z (2021) Does fiscal decentralization and eco-innovation promote renewable energy consumption? Analyzing the role of political risk. Sci Total Environ 751:142220. https://doi.org/10.1016/j.scitotenv.2020.142220. (PMID: 10.1016/j.scitotenv.2020.142220)
Sun X, Liu X (2020) Decomposition analysis of debt’s impact on China’s energy consumption. Energy Policy 146:111802. https://doi.org/10.1016/j.enpol.2020.111802. (PMID: 10.1016/j.enpol.2020.111802)
Tabash MI, Farooq U, Ahmed A (2023) How does institutional quality determine energy consumption? Empirical evidence from the South Asia region. Manag Environ Qual. https://doi.org/10.1108/MEQ-05-2023-0149.
Uzar U (2020) Political economy of renewable energy: does institutional quality make a difference in renewable energy consumption? Renew Energy 155:591–603. https://doi.org/10.1016/j.renene.2020.03.172. (PMID: 10.1016/j.renene.2020.03.172)
Wang E, Gozgor G, Mahalik MK et al (2022a) Effects of institutional quality and political risk on the renewable energy consumption in the OECD countries. Resour Policy 79:103041. https://doi.org/10.1016/j.resourpol.2022.103041. (PMID: 10.1016/j.resourpol.2022.103041)
Wang Y, Chang CP (2023) The effect of policy stability on clean energy investment. Econ Chang Restruct 56:327–344. https://doi.org/10.1007/s10644-022-09422-3. (PMID: 10.1007/s10644-022-09422-3)
Wang Z, Le Hoa PT, Wang B et al (2022b) The simultaneous impact of education and financial development on renewable energy consumption: an investigation of Next-11 countries. Environ Sci Pollut Res Int 29:85492–85509. https://doi.org/10.1007/s11356-022-21330-7. (PMID: 10.1007/s11356-022-21330-7)
World Bank (2022) World Development Indicator. https://databank.worldbank.org/reports.aspx?source=world-development-indicators . Accessed 20 Oct 2023.
Yao Y, Ivanovski K, Inekwe J, Smyth R (2019) Human capital and energy consumption: evidence from OECD countries. Energy Econ 84:104534. https://doi.org/10.1016/j.eneco.2019.104534. (PMID: 10.1016/j.eneco.2019.104534)
Zafar M, Bashir MF, Bukhari AAA (2024) Women’s empowerment and tourism: emerging determinants of poverty in low and middle‐income countries. Int Soc Sci J 1–17. https://doi.org/10.1111/issj.12498.
Zaghdoudi T (2020) Threshold effect in the relationship between external debt and economic growth: a dynamic panel threshold specification. J Quant Econ 18:447–456. https://doi.org/10.1007/s40953-019-00182-y. (PMID: 10.1007/s40953-019-00182-y)
Zhao J, Sinha A, Inuwa N et al (2022) Does structural transformation in economy impact inequality in renewable energy productivity? Implications for sustainable development. Renew Energy 189:853–864. https://doi.org/10.1016/j.renene.2022.03.050. (PMID: 10.1016/j.renene.2022.03.050)
Zhou Z, Sharif A, Inglesi-Lotz R, Bashir MF (2024) Analysing the interplay between energy transition, resource consumption, deforestation, and environmental factors on agricultural productivity: insights from APEC countries. J Clean Prod 446:141408. https://doi.org/10.1016/j.jclepro.2024.141408.
فهرسة مساهمة: Keywords: BRICS; External debt; Institutional quality; Renewable energy; SDGs
تواريخ الأحداث: Date Created: 20240618 Date Completed: 20240703 Latest Revision: 20240705
رمز التحديث: 20240705
DOI: 10.1007/s11356-024-33846-1
PMID: 38888823
قاعدة البيانات: MEDLINE
الوصف
تدمد:1614-7499
DOI:10.1007/s11356-024-33846-1